To The Daily: The Feb. 14 editorial “Ending predatory lending” inaccurately characterizes the practices of regulated payday lenders and short-term lending’s important role in many families’ lives. My company, Advance America, provides a highly regulated and affordable credit option for hard-working Alabama families, bridging a gap in the credit market. We are committed to ensuring access to simple, reliable and transparent credit for a flat, reasonably priced fee that does not compound interest — whether a customer repays their loan in three days or 30 days, they pay the same $17 fee per $100 borrowed. For many consumers, when compared with the alternatives, a cash advance makes personal and economic sense.

Contrary to your inaccurate depiction of our industry, most customers use our service for a short time to cope with periodic financial challenges.

While any form of credit can be abused or misused, our experience shows that most customers use payday advances responsibly: 90 percent of Advance America customers repay their loans on time and 96 percent are satisfied with their experience.

In my time with Advance America, I have worked with countless customers to ensure that they receive the assistance they need to manage their short-term finances. They are trying to do the right thing — meeting their obligations and supporting their families — and I am proud of the helping hand that I provide.

Kathy Rice

Divisional Director of Operations, Advance America

Spartanburg, S.C.